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You take out a $450,000 30-year mortgage. Your monthly payments are $2500. What is the annual effective interest rate on your mortgage? 7.20% 1.50% 0.44%

You take out a $450,000 30-year mortgage. Your monthly payments are $2500. What is the annual effective interest rate on your mortgage?
1. 7.20%
2. 1.50%
3. 0.44%
4. 5.30%
5. None of these

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